Deals & People October 5, 2010

Nationwide Hires New VP of Retirement Plan Sales

Nationwide Financial Services, Inc. announced that Tony Daniel will serve as regional vice president of sales for its private sector retirement plans business in Iowa/Nebraska.
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Daniel will be responsible for leading Nationwide’s sales efforts in the Iowa/Nebraska territory.

According to the announcement, Daniel joins Nationwide from The Orizon Group, LLC in Omaha, Nebraska, where he served as a wealth adviser and pension specialist with responsibility for overseeing a large block of retirement plans. Prior to joining Orizon, he was a qualified plan consultant at CLS Investment Firm, LLC, where he marketed managed account services to retirement plans and worked as a member of their wholesaling team.  

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Daniel earned a Bachelor of Science degree in business administration from Creighton University in Omaha, Nebraska.

“Tony’s experience as a financial adviser who sold Nationwide retirement plan products will bring a valuable perspective to our sales team and will help us better serve our adviser clients,” said John Carter, president of Nationwide Financial Distributors, Inc., in the announcement.
Data & Research October 5, 2010

Workers Willing to Pay More for Guaranteed Retirement Benefits

A Towers Watson survey found that a majority of workers (56%) would be willing to pay a higher amount from their paycheck to ensure a guaranteed retirement benefit.
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In addition, 54% of workers polled said they would be willing to pay a higher amount from their paycheck to ensure access to health care benefits if they retire before they are eligible for Medicare.   

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Four in 10 of the nearly 9,100 U.S. workers surveyed are planning to delay their retirement, according to a press release. Older workers and those in poor health comprise the largest percentage of employees planning to delay retirement. In particular, 45% of employees in poor health plan to postpone retirement.   

When asked why they are choosing to retire later, more than two-thirds (68%) of older workers said to keep their health care coverage, while 62% cited the higher cost of health care. Six in 10 older workers (61%) blamed the decline in the value of their 401(k) plan.  

The survey also found more than one-third (37%) of employees with a 401(k) plan intend to increase contributions over the next 12 months, while one-half (51%) plan to keep contributions at the same level. Nearly half (47%) of respondents say they are comfortable making their own retirement investment decisions.   

More than six in ten respondents (63%) are actively paying off debts to improve their financial situation, nearly double the number (33%) in early 2009, the press release said. More than half (54%) are cutting back on daily spending, while roughly one-third (34%) are increasing monthly savings, compared to only 19% in early 2009.   

Older workers (age 50 and above) have reduced savings needs the most over the past 15 months, while adopting more conservative saving and investment strategies.

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